FSA review finds 16% of Sipp advice unsuitable

At the end of last year, the FSA published its report into pension switching and Sipp suitability. T...

At the end of last year, the FSA published its report into pension switching and Sipp suitability. This review was split into two main parts. The quality of advice given to customers since A-Day with regard to switching their existing pension provision into PPPs, or Sipps and whether the actions of pension providers/operators were affecting the advice given. This has had the effect of catching two specific issues, the post A-Day trend to pension scheme consolidation, and the post A-Day appetite for Sipps. It was difficult to be specific about Sipps because of the lack of a definition....